EIA: Azerbaijan’s oil production will grow by 0.12mln bpd in 2011

Oil&Gas Materials 12 January 2011 14:47 (UTC +04:00)

Azerbaijan, Baku, Jan. 12 / Trend A.Badalova /

Azerbaijan's oil production will increase in 2011 to 1.21 million barrels per day compared to 1.09 million bpd in 2010, the U.S. State Energy Information Administration (EIA) noted in the Short-Term Energy Outlook.

In 2011, the highest level of oil production in the country will be observed in the second quarter - 1.23 million barrels per day. In the first quarter, the figure will amount to 1.22 million, the third - 1.2 million and the fourth - 1.19 million bpd.

In 2012, EIA projected oil production in Azerbaijan to hit 1.18 million barrels per day at average. In the first quarter of 2012, the country's oil production to amount to 1.23 million barrels, the second - 1.2 million, the third - 1.15 million and the fourth - 1.13 million barrels per day.

The main volume of oil produced in Azerbaijan accounts for the offshore Azeri-Chirag-Guneshli (ACG) fields. The country produces Azeri Light from the ACG. Its density is 34.6 degrees API with a 0.14-percent sulfur content.

According to BP, Azerbaijan's proven oil reserves in early 2010 amounted to 7 billion barrels. Gas production was 1.033 million barrels per day in 2009 in Azerbaijan , which is 13.5 percent more than the volume in 2008.